In February 2015, a license agreement was signed with Serum Institute of India Ltd. (Serum Institute) for GTL003, a Vaxiclase technology for use as an antigen in the development of acellular multivalent combination vaccines containing pertussis antigens.

Serum Institute (www.seruminstitute.com) is the world's largest producer of the measles and DTP group of vaccines. Two of every three children immunized globally are vaccinated with a product manufactured by Serum Institute.

Since the beginning of the agreement, Genkyotex has received a total of $1.3 million in an upfront payment and from the achievement of a pre-specified development milestone in November 2016. According to the terms of the initial agreement, Genkyotex is eligible to receive $57 million. Following the expansion of the agreement to the developed world territories in June 2018, Genkyotex is now eligible to receive an additional €100 million, bringing the overall agreement to approximately €150 million*.Genkyotex is also eligible to receive single digit royalties on sales.